Saturday, August 6 2022

A facelift, Botox, or liposuction might leave you looking better than ever — at a price. If you’re considering cosmetic surgery, expect a financial hit.

However, insurance often covers reconstructive plastic surgery but not cosmetic surgery. The main distinction is that reconstructive surgery corrects birth deformities, traumas, and illnesses.

Most cosmetic procedures cost thousands. Breast augmentations and stomach tucks may cost anywhere from $3,000 to over $7,000, according to an American Society of Plastic Surgeons study from 2019.

If you can’t afford it, you may check into cosmetic surgery finance. Know their benefits and drawbacks to make the most excellent budget option, citrusnorth noted.

How Can You Pay for Plastic Surgery?

Plastic surgery financing allows patients to get operations and pay afterward. Provider payment plans and personal loans are options. Whatever you choose, be sure you understand the terms and if it makes financial sense.

More about cosmetic surgery funding.

  • Personal Loans. Borrowers may get loans for cosmetic surgery via banks, credit unions, or internet lenders. But watch out for variable interest rates, fees, and other clauses.

Personal loan interest rates are based on credit. You may get a cheap rate if you have strong credit, but poor credit might cost you 36%.

Choose the shortest repayment period possible at the lowest interest rate.

Plastic surgery loans should only be taken out for a limited time, advises Kimberly Foss of Empyrion Wealth Management in Roseville. “That implies payback is within a year,” she explains. “Extending it too far shows you can’t afford it.”

  • Medical cards. Your doctor may be able to obtain you a medical credit card. Cards may cover aesthetic procedures like facelifts and injectable treatments like Botox.

With no interest, you may pay with the CareCredit card over six, 12, 18, or 24 months. Only one stipulation: you must pay the agreed-upon minimum due. You’ll be charged 26.99 percent interest from the purchase date if you don’t.

“These may be fantastic solutions, but only when you keep to the conditions,” says Kelley Long, a Chicago-based financial counselor. “Make sure payments don’t jeopardize other ambitions.”

Dr. Sheena Kong, a cosmetic treatment expert in San Francisco, thinks medical credit cards may benefit both parties.

“It helps patients’ finances,” Kong explains. “Getting a payment plan with no interest is fantastic. It benefits both the customer and the doctor’s office.”

  • Credit Cards. You might pay using a conventional credit card, which generally has a 21-day interest-free grace period. If you have credit card debt, you forfeit your grace period.

It’s also possible to make minimum payments on your credit card. If you simply make minimal payments, a $10,000 cosmetic treatment would take 18.5 years and $10,600 in financing costs.

Treat your credit card as a short-term loan. To avoid paying $561 in fees, use the same card for the $10,000 operation and pay the amount over six months.

Apply for a new credit card with a 0% introductory APR and a sign-up bonus. The 0% APR allows you to pay off your amount in 12 to 18 months with no interest.

A sign-up incentive might save you at least $100 on your operation. Cosmetic treatments generally exceed the expenditure criteria for a sign-up bonus, so getting that incentive should be simple.

Cards with a 0% introductory APR and a sign-up bonus need good to outstanding credit. This credit card might be an intelligent approach to fund your surgery.

Simply pay off your debt within the introductory time. A $10,000 operation spread over a year will cost $833.33 each month. Pay at least that amount to avoid paying interest.

But there are hazards. “A crucial cost may come up that you don’t have the money for, and if you’re already in debt for this, you may wind up regretting it,” Long adds.

  • You are paying providers. If you wish to avoid loans and credit cards, you may negotiate with the supplier. Doctor Lesley Rabach of New York City believes this helps people handle huge bills.

“A face-lift may easily cost $25,000, and many individuals don’t have the money to pay for it all at once, so they ask for a payment plan,” Rabach explains.

She and other surgeons deal with people who pay beforehand. This arrangement benefits both the doctor and the patient.

No interest, no credit check. It also builds trust between you and your doctor.

Payment arrangements are excellent for communication, adds Rabach. In addition to reducing stress, some physicians may even provide a modest discount.

  • Optional plastic surgery funding. Other means to pay for cosmetic surgery exist, but they’re not recommended.

Loans from retirement accounts might ruin your finances. You’ll have to repay the loan or record it as income if you quit your employment, plus a 10% early withdrawal penalty.

Home equity loans or lines of credit enable you to borrow against your home’s equity to pay for surgery. It’s hazardous since your house guarantees the loan.

Asking relatives or friends for a loan may result in beneficial conditions. But the danger to personal connections may be too great for an unnecessary cost.

Should You Finance Plastic Surgery?

Plastic surgery financing enables you to spread the expense of your treatment over time. Remember that this is a significant financial decision that should not be hurried.

Don’t make financial decisions at the doctor’s office. Bring in an impartial third party to analyze your financial commitment.

Long suggests financial advice. “It should be someone with no stake in the result. It can rescue you from debt.”

If you still want to go, perform a test.

“Calculate the installments and lay them away for a few months,” Long advises. “If they’re simple to fulfill, you’ll know you can afford it without straining your budget.”

A test run also saves you money for future payments.

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